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Travel Insurance and Assistance in France

  • February 2015
  • -
  • Finaccord
  • -
  • 38 pages

Travel Insurance and Assistance in France is about the current status and likely future development of the market for stand-alone travel insurance policies in France. It includes the following unique features:

- data spanning 2010 to 2014 for the underlying travel market with segmentations by destination (between EU countries, non-EU European countries, North America and the rest of the world) and by type of journey (between holiday and business trips);

- data for the size of the market for stand-alone travel insurance and assistance in France between 2010 and 2014 in terms of premiums and policies, with a segmentation between single-trip and annual cover;

- analyses of the share of distribution relationships of travel insurance providers split between travel trade, transportation and financial organisations, based on a primary survey of over 250 actual and potential distributors of stand-alone travel policies including airlines, banks, ferry / railway operators, insurance brands and specialised lenders, plus both traditional and online travel trade entities;

- a review of other direct and affinity distribution channels used in France including automotive clubs, direct sales, online aggregators, other online brands and retailers, plus cover packaged with payment cards and bank accounts;

- estimates for the market share of travel insurance and assistance gross premiums for the top ten underwriters of this type of cover in France in 2014 with these data points expressed as a percentage range (e.g. 5.0% to 7.5%);

- forecasts to 2018 for both the underlying travel market and for the size of the market for stand-alone travel insurance and assistance in terms of premiums and policies, with the same segmentations as those specified above for the period from 2010 to 2014.

Table Of Contents

Travel Insurance and Assistance in France
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
This report builds upon Finaccord's previous ground-breaking studies about this topic 3
Methodology 3
Primary research 3
The survey includes over 250 travel trade, transportation and financial organisations. 3
. including airlines, banks, insurance brands and both traditional and online travel trade entities 4
Market data 4
External sources 5
Travel insurance and assistance: how it all fits together 5
The term 'travel insurance' can refer to protection from a heterogeneous range of risks… 5
.and assistance companies play a fundamental role in the European travel insurance industry 6
Definitions 6
Terms and abbreviations 6
Types of packaged travel insurance and assistance 7
Operating models 7
Weighted shares 8
Currencies, exchange rates and inflation 8
PartnerBASE 8
Finaccord 9
2.0 MARKET ANALYSIS 11
Introduction 11
Underlying foreign travel market 11
The number of overseas trips saw a gradual increase between 2010 and 2014 11
The share of trips to other EU countries within the total has risen in recent years 13
Market for travel insurance and assistance 14
The French market for stand-alone travel cover has grown in both volume and value terms. 14
… with the former moving up partly as a result of a slight shift in favour of single-trip policies. 15
Several factors cause the average price of a travel insurance policy in France to be relatively low 15
Distribution through travel trade, transportation and financial organisations 17
Summary of organisations researched 17
Provision rates 18
Just over a half of more than 250 organisations researched are distributors of stand-alone travel cover 18
Operating models 19
A significant minority of travel trade entities utilise a broker with or instead of a single external underwriter 19
Competitor share of partnerships 21
Mondial Assistance claims over a fifth of travel trade distribution partnerships. 21
… and is followed in this sphere by Europ Assistance 21
Presence Assistance Tourisme has been independent again since the start of 2013 22
Numerous smaller competitors also distribute travel cover through the travel trade channel 22
Viewed in weighted terms, Europ Assistance is likely to be the leading provider. 22
. although airline partnerships make Mondial Assistance a leader in the transportation category. 24
… followed by two providers with one major airline deal each 24
Most insurance brands in France that sell travel cover underwrite their own policies. 26
. although a few mutual insurers work with external providers 26
AXA's strength in the category of financial organisations is due to its own direct sales capability 26
Travel insurance and assistance linked to payment cards and bank accounts 28
Around three quarters of credit card products in France carry at least some form of travel cover 28
Other distribution channels 30
Automotive clubs 30
Automotive clubs are unlikely to be a particularly important channel for travel insurance distribution 30
Direct distribution by specialist travel insurers 30
MAPFRE has been collaborating with L'Europeenne for several years. 30
. and is one of three specialists to sell directly in France 30
Online aggregators and brokers 30
The involvement of French aggregators in travel insurance remains limited. 30
. and two major players operate in this field as agents rather than as genuine comparison sites 31
The French market features a number of specialist travel insurance brokers 31
Other online brands 32
Two international intermediaries are also prominent in direct online distribution 32
Retailers 32
Retailers in France only sell travel insurance through their travel agency subsidiaries 32
Other types of distributor 32
Leading competitors 32
Two providers are likely to account for a combined market share of at least 40%. 33
… with all but two others almost certainly falling below the 10% threshold 33
Forecasts 35
Underlying foreign travel market 35
France's foreign travel market is likely to move up gradually between 2014 and 2018… 35
Market for travel insurance and assistance 37
…fuelling further growth in the associated insurance and assistance market 37

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for travel insurance and assistance in France, 2010, 2014 and 2018 2
1.0 INTRODUCTION 3
Travel insurance and assistance: how it all fits together 6
2.0 MARKET ANALYSIS 11
Number of foreign trips undertaken by residents of France, segmented by purpose of trip, 2010 to 2014 12
Number of foreign trips undertaken by residents of France, segmented by purpose of trip, 2010 to 2014 (table) 12
Destinations of foreign trips undertaken by residents of France, 2010 to 2014 13
Destinations of foreign trips undertaken by residents of France, 2010 to 2014 (table) 14
Estimated gross written premiums and policy numbers for travel insurance and assistance in France, 2010 to 2014 16
Estimated gross written premiums and policy numbers for travel insurance and assistance in France, 2010 to 2014 (table) 17
Summary of travel trade, transportation and financial organisations researched in France, segmented by type, 2014 18
Provision rates for stand-alone travel insurance and assistance in France, segmented by type of travel trade, transportation and financial organisation, 2014 19
Operating models used for stand-alone travel insurance and assistance in France, segmented by type of travel trade, transportation and financial organisation, 2014 20
Operating models used for stand-alone travel insurance and assistance in France, segmented by type of travel trade, transportation and financial organisation, 2014 (table) 21
Partnerships with travel trade organisations offering travel insurance and assistance in France, 2014: weighted and unweighted competitor share of partnership 23
Partnerships with transportation organisations offering travel insurance and assistance in France, 2014: weighted and unweighted competitor share 25
Partnerships with financial organisations offering travel insurance and assistance in France, 2014: weighted and unweighted competitor share 27
Provision rates for travel insurance and assistance linked to payment cards and bank accounts in France segmented by product function and level, and by type of cover 29
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in France, 2014 34
Individual competitors' estimated market shares of gross written premiums and other revenues for stand-alone travel insurance and assistance in France, 2014 (table) 35
(table) 35
Forecast number of foreign trips undertaken by residents of France, segmented by purpose of trip, 2018 36
Forecast number of foreign trips undertaken by residents of France, segmented by purpose of trip, 2018 (table) 36
Forecast gross written premiums and policy numbers for travel insurance and assistance in France, 2018 37
Forecast gross written premiums and policy numbers for travel insurance and assistance in France, 2018 (table) 38

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